Spanish Home sales soar by almost 15%

Throughout the year, a total of 464,423 transactions have been recorded, the highest number of transactions in the last nine years.

Home sales rose by 14.6% in 2017 compared to the previous year, with a total of 464,423 operations, the highest figure since 2008, as reported by the National Statistics Institute (INE for its acronym in Spanish).

Both the second-hand market and the new housing market have driven this annual growth, the fourth consecutive one after home sales rose by 2% in 2014, by 11.5% in 2015 and by 14% in 2016

During the crisis, the worst years for housing transactions were 2009 and 2008, when these operations plummeted by 25.1% and 28.8%, respectively. In 2012 and 2011, double-digit declines were still recorded (11.5% and 18.1%), while in 2013 the fall was a moderate 1.9%.

The 2017 upturn in home sales was due to an experienced growth in second-hand home operations, which soared by 15.4%, by up to 381,163 transactions, its highest figure since 2007, and due to new home operations, which increased by 10.8%, up to 83,260, its highest volume since 2014.

More than 90% of the homes sold in 2017 were passed under the free regime, while 9.8% were protected. In total, the sale of free homes rose by 15.1%, to 418,915, while protected house operations rose by 9.5%, to 45,508 transactions, leading to the third consecutive year of increases.

Andalusia, leading

In 2017, the highest number of home sales per 100,000 inhabitants occurred in the Valencian Community (1,753), the Balearic Islands (1,717) and Madrid (1,375).

Andalusia was the region that carried out most housing transactions, with 89,337 purchases, followed by Catalonia (76,369), Madrid (70,203) and the Valencian Community (68,512).

The communities that had the least number of home sales were La Rioja (3,027), Navarra (5,098 operations) and Cantabria (5,537).

In relative values, home sales rose in all communities in 2017. The regions that experienced the greatest increase were Castilla-La Mancha (24.7%), Madrid (18.9%), the Valencian Community (18.1%) and Asturias (17.5%), while the smallest increases occurred in the Basque Country (5.4%) and Galicia (8.7%).

The total number of transferred estates rises by 5.9%

Adding rustic and urban, the estates transferred in 2017 reached 1,787,776, the highest figure since 2010 and represents a 5.9% increase over 2016. This is the third consecutive year in which transferred estates increase.

Throughout the past year, 12.7% more estates were transferred by sale than in 2016, while transfers by donation dropped by 4.6%, swap operations decreased by 2.8%, and transfer by inheritance increased by 3.5%.

According to INE data, the number of rural estate sales increased by 5.6% in 2017, to a total of 132,859 operations, thus returning to positive rates after the 2016 0.6% decline. On its part, urban estate sales (which include housing) grew by 13.9%, to 800,245 operations.

In December 2017, property sales grew by 9.2% in comparison to December 2016, to up to 32,211 operations, moderating the year-on-year 18.1% increased registered in November by almost nine points. With the December rebound, home sales have accumulated eight consecutive months of year-on-year increases.

On a month-on-month rate (December 2017 on November of the same year), home sales dropped by 20.6%, its biggest monthly decline in the last five years.